Banks Open New Front In War On Cash
Nick Godt reports for MarketWatch.com on "the last battle line in the war waged on cash by banks and credit-card companies: contactless payments. "There was roughly $8.57 trillion of personal consumption purchases in the U.S. in 2005, about $3.6 trillion of which was in cash, check and money orders," Denis Moroney, director of bank card research for the consultancy TowerGroup, said. "That cash market has become a real target for those banks and credit-card companies."
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